日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

US EUROPE AFRICA ASIA 中文
Business / Opinion

A year of rewarding reforms

By Dan Steinbock (China Daily) Updated: 2014-02-26 07:15

From "shadow banking" to lavish public spending, the message of the new leadership headed by Chinese President Xi Jinping and Premier Li Keqiang in its first year has been clear: the days of excessive spending and damaging liquidity are over.

By the time the Third Plenum of the 18th Communist Party of China Central Committee was held in November, the leadership had already shifted its focus to tripartite reforms, which sought to foster the role of efficient markets, competitive companies and a smaller but more effective public sector.

A year of rewarding reforms

A year of rewarding reforms

The core reform sectors include finance, taxation, State assets, social welfare, land, foreign investment, innovation and governance. The reform blueprint seeks to relax control over market access, establish a basic social security package and allow the sale of collectively owned rural land. And the old household registration system (hukou), which continues to discourage migration, will be phased out gradually in the course of the massive urbanization drive.

Along with economic and financial reforms, Premier Li played a vital role in the launch of Shanghai's Free Trade Zone, which unleashed a slate of new FTZ initiatives in other big Chinese cities and provinces. These initiatives are moving parallel to increasing financial deregulation and the internationalization of the renminbi.

To reduce bureaucratism and implement reforms, Li pushed the central government to delegate administrative approval powers to lower levels of governments, by drastically reducing approval in the administrative approval system.

But the reforms promise no free lunches. When Li wrote his prize-winning dissertation in 1994, he argued that structural change fuels productivity growth. Until the new leadership took over, China coped with economic challenges by accelerating and leveraging economic development, which degrade the quality of growth. That is no longer an option.

That message was brought home in June 2013, when China's inter-bank rates soared but the People's Bank of China did not intervene. In the past, the authorities had usually resorted to new injections of liquidity. Now it was declined. A déjà vu ensued in December. Initially, observers called the outcome a "cash

That's not an ideal result because it means higher borrowing costs. But it is certainly preferable to the alternative-unsustainable liquidity creation and the rising probability of a debt default.

Don't miss:

A year of rewarding reforms

A year of rewarding reforms

Top 10 trading partners of the Chinese mainland

China's top 10 richest cities

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 国产精品国产三级国产aⅴ中文 | 黄视频网站在线观看 | 国产精品国产精品88 | 成年男女免费视频网站 | 99青青草| www.黄色 | 97国产 | 国产精品久久久久久久免费看 | 国产精品传媒在线观看 | 久久伊人中文字幕 | 日韩欧美国产视频 | 肉大捧一出免费观看网站在线播放 | 日本黄色免费观看 | 在线观看成人网 | 97综合视频 | 日韩精品无码一区二区三区 | 巨大黑人极品videos精品 | 亚洲婷婷网| 六月色 | 欧美不卡在线视频 | 劲爆欧美第一页 | 天天插天天狠 | 久久黄色精品视频 | 亚洲的天堂 | 欧美图片一区 | 国产人成一区二区三区影院 | av免费在线网站 | 久久精品国产亚洲7777 | 国产v亚洲 | 欧美日韩一区二区三区在线 | 日本黄色免费视频 | 日韩av手机在线播放 | www.五月天激情 | 黄色免费小网站 | 中文日韩在线观看 | 欧美成人免费在线 | 亚洲精品久久久久 | 九九九亚洲 | 高清成人综合 | 欧洲在线观看 | 国产视频1区 |